CHATSWORTH : City Approves Pact for Bank Project
The Los Angeles City Council approved a development agreement Tuesday to ensure that Great Western Bank can complete the development of its headquarters in Chatsworth.
The agreement guarantees that the bank can finish building the mixed-use project regardless of any changes the city may make in neighborhood zoning laws over the next 10 years or so, according to city officials and bank representatives.
About five years ago, Great Western began development of 790,000 square feet of office space, a 90,000-square-foot employee service center, a child-care center for 300 children and parking space for the entire complex on Prairie Street near Oakdale Avenue.
The bank has yet to build three six-story office buildings and garages for most of its parking, said Jerry Welch, Great Western’s manager for corporate services.
The bank has not set a date for completing the project. Consequently, the bank asked the city to approve the development agreement to guarantee that the remainder of the complex can be built regardless of future changes in the area’s zoning codes, Welch said.
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